ProShares Ultra Oil & Gas (DIG) — This Exchange-Traded Fund (ETF) seeks daily investment results which correspond to twice the daily performance of the Dow Jones Oil & Gas Index (DJUSEN).

Although the index is still in a down-trending consolidation, demand for crude oil and precious metal could drive DIG higher.

A break above the 50-day moving average at $24 would likely lead to a test of the recent highs at $31 to $33 and even to a run up to more than $50.

As with all Ultra ETFs be sure to limit your losses if the trade goes the wrong way. Stops should be placed at just under $20.

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Sam Collins is a registered, fee-based portfolio manager who may be contacted samailc@cox.net. You can also check out an archive of some of his most recent market outlooks by clicking here.